Iron Ore Price OutlookIron ore prices plummeted in November, falling nearly 15% on 26 November alone and erasing the gains tallied in recent months. The benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 64.9 per metric ton on 30 November, one of the lowest prices seen since July. November’s price was down 16.1% from the same day last month and was down 6.3% from the corresponding day last year. In addition, the price was 12.8% lower on a year-to-date basis. The stark fall was driven by a combination of factors, including jitters over a slowing Chinese economy and global trade tensions. In addition, the decline follows a selloff in steel futures and lackluster steel prices, which hints that steel production will drop. Iron ore is a key input in producing steel. Steel production is also expected to be constrained this winter as the Chinese government stipulates production cuts to combat pollution. On top of this, the sharp drop in iron ore prices comes against a gloomier backdrop for the commodity market, which has seen a broad-based decline in recent weeks.
Iron Ore Price History Data (USD per metric ton, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Iron Ore Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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